- alstria agreed on a new
loan of EUR 42.5 m and increases its financial flexibility
- LTV of 47% and 7 year term of the new loan further
improve balance sheet quality
Hamburg, September 3, 2012 – alstria office REIT-AG (symbol: AOX, ISIN:
DE000A0LD2U1), the leading German office REIT, announces the financing of its DIVE
portfolio. The loan is
provided by Helaba Landesbank Hessen-Thüringen.
Cash inflow provides financial flexibility
Following the acquisition
of six buildings worth EUR 95 m (DIVE portfolio) in early 2012, alstria
successfully closed the financing of the transaction. The bullet loan has a term of 7 years, thus
improving alstria’s average maturity of liabilities from 3.2 to 3.4 years. alstria’s intention is to
draw down on the loan after it has identified an adequate use of the proceeds.
LTV of 47% further improves balance sheet ratios
In line with its long-term deleveraging
strategy alstria further improved its financial structure. The LTV of the new
loan amounts to 47% (LTV covenant of 65%) and therefore supports alstria’s
target to lower its corporate LTV to around 50% in the mid-term.
"The new loan is again testimony to the
strength of our balance sheet and the trust of the lenders in alstria’s asset management
capability, as the maturity of the loan exceeds the remaining lease length of
the portfolio", said Olivier Elamine, CEO of alstria. "Our recent
positive trend in leasing up the vacant space in the portfolio is clearly supportive
in this respect”.
About alstria:
alstria office REIT-AG is an internally managed Real
Estate Investment Trust (REIT) focused solely on acquiring, owning and managing
office real estate in Germany. alstria was founded in January 2006 and was
converted into the first German REIT in October 2007. Its headquarters are in
Hamburg. The Company owns a diversified portfolio of properties across
attractive German office real estate markets. As of June 30, 2012 alstria’s
portfolio comprised 85 properties with an aggregate lettable space of approx. 930,000 sqm
and is valued at approximately EUR 1.6 bn. The alstria office REIT-AG
strategy is based on active asset and portfolio management as well as on
establishing and maintaining good relationships with key customers and decision
makers. alstria focuses on long-term real estate value creation.
For further information, please contact:
Ralf Dibbern, IR/PR
Phone: +49 (0) 40 / 226
341-329
Email: rdibbern@alstria.de
More information on:
Disclaimer:
This release constitutes neither an offer to sell nor a solicitation of
an offer to buy any shares. As far as this press release contains
forward-looking statements with respect to the business, financial condition
and results of operations of alstria office REIT-AG (alstria), these statements
are based on current expectations or beliefs of alstria's management. These
forward-looking statements are subject to a number of risks and uncertainties
that could cause actual results or performance of the Company to differ
materially from those reflected in such forward-looking statements. Apart from
other factors not mentioned here, differences could occur as a result of
changes in the overall economic situation and the competitive environment –
especially in the core business segments and markets of alstria. Also, the
development of the financial markets and changes in national as well as
international provisions particularly in the field of tax legislation and
financial reporting standards could have an effect. Terrorist attacks and their
consequences could increase the likelihood and the extent of differences.
alstria undertakes no obligation to publicly release any revisions or updates
to these forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated events.
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